ABUJA, May 21, 2024 — As the launch date approaches for the new student loan initiative, the Federal Government has unveiled updated criteria for applications. Scheduled to begin on Friday, May 24, this initiative aims to provide financial assistance to students in federal tertiary institutions across Nigeria.
Akintunde Sawyerr, Managing Director of the Nigerian Economic Loan Fund (NELFUND), announced that the first phase of the program will make loans accessible to up to 1.2 million students. This phase targets students whose institutions have completed uploading the necessary data to the application portal.
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“The application process begins on May 24,” Sawyerr confirmed, emphasizing that it has been streamlined to ensure easy access for all qualified students. He highlighted that this program is a crucial component of President Bola Tinubu’s administration’s Renewed Hope Agenda, designed to alleviate financial pressures on students by covering mandatory fees and providing stipends.
Key features of the student loan program include:
- Direct Payment of Fees: NELFUND will pay 100% of institutional fees directly to the educational institutions.
- Monthly Stipends: Students will receive monthly stipends to support their living expenses during the academic session.
- No Physical Contact Required: The entire loan application process is handled online, eliminating the need for physical visits.
- User-Friendly Portal: The loan application portal is designed to be intuitive and accessible.
- Comprehensive Support: Applicants will have access to online support throughout the application process.
- Flexible Repayment Plans: The loan program offers repayment plans tailored to suit the financial capabilities of the students post-graduation.
“We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education,” Sawyerr said. He urged potential applicants to submit their applications promptly to ensure timely processing.
The initiative represents a significant step in providing equitable access to higher education, aligning with broader efforts to support academic aspirations and reduce financial barriers for students nationwide.
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